Indian equity market extended its winning streak to the second consecutive session, underpinned by gains in select auto, FMCG and bank stocks, including ITC, ICICI Bank and Maruti Suzuki.

After touching a fresh all-time high of 36,749.69, the BSE Sensex inched down slightly, settling at 36,719, up by 222 points, or 0.61 per cent.

The NSE counterpart Nifty climbed 75 points, or 0.68 per cent, up to close the day at 11,085.

The sentiment turned positive after the GST Council on Saturday slashed rates on over 100 products, aimed at appealing to traders and the middle classes as Prime Minister Narendra Modi's government eyes next year's elections.

However, shares of South Indian Bank (down 18.22 per cent), Shrenik (down 13.43 per cent), Take Solutions (down 6.12 per cent) and SREI Infrastructure Finance (down 5.26 per cent) declined over 5 per cent despite positive market mood.

Hero MotoCorp, Bajaj Auto, Wipro and HDFC Bank stood as the top losers in the Nifty pack of stocks.